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AutoZone Ground Lease, Navarre, FL

AutoZone Ground Lease, Navarre, FL


Investment Summary

Price $1,521,652
Cap Rate
NOI
Lease Term 20 years
Lease Type Absolute NNN ground lease, with tenant responsible for all taxes, insurance, and maintenance, including roof, structure, and parking lot
Rental Increases 5% rental increases during initial term, 10% rental increases during option periods
Year Built 2023
Building Size 7,381 SF
Lot Size 0.90 acres (39,204 SF)
Status Under Contract
Lead Brokers Michael T. Yuras, CCIM
Vice Chairman
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Managing Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Jack Hinson
Brokerage
704.572.9921
j.hinson@cushwake.com
CA RE License #02059267

Vincent Aicale
Vice Chairman
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Vice Chairman
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 20-YEAR ABSOLUTE NNN GROUND LEASE TO NATIONAL INVESTMENT-GRADE TENANT
» New 20-year absolute NNN ground lease to AutoZone (NYSE: “AZO”)
» Requires no landlord management, ideal for an out-of-area or passive investor
» AutoZone is an investment-grade tenant rated “BBB” by Standard & Poor’s and has been a Fortune 500 company for the past 21+ years
» During the quarter ended November 19, 2022, AutoZone opened 28 new stores in the U.S., opened three stores in Mexico, and four stores in Brazil
» AutoZone’s annual revenue for 2022 was $16.252B, an 11.09% increase from 2021
» As of November 19, 2022, AutoZone has 6,196 stores in the U.S., 706 in Mexico, and 76 in Brazil for a total store count of 6,978
» 2023 construction built to latest AutoZone prototype (larger-than-typical 7,381-SF building)

EXCELLENT SUBMARKET LOCATION POISED FOR GROWTH ON THE FLORIDA PANHANDLE
» Prominent location along U.S. Route 98/Navarre Parkway (46,000 AADT)
» Prime retail location on the Gulf Coast/Emerald Coast (4.5 million annual visitors) less than one mile from pristine white sand beaches, shopping, and restaurants
» Next to first ALDI in northwest Florida and immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many more
» Navarre County is one of the fastest growing counties in the United States
» Average annual household income of $138,426 within a one-mile radius and projected to increase 12% by 2028

CENTRAL LOCATION NEAR MAJOR FLORIDA SCHOOLS, HOSPITALS, AND AREA ATTRACTIONS
» Walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees)
» Near several large schools including, Navarre High School (2,367 students) and Holley-Navarre Middle School (1,053 students)
» Close proximity to several military bases in the region including Eglin Air Force Base (the largest United States Air Force base, with a total economic impact of $7.8B)
» Navarre Beach ranked in the top-5 beaches in all of Florida by USA Today
» Situated near area attractions including, Gulf Breeze Zoo (200,000 annual visitors) and Gulf Islands National Seashore (17 miles, 5.6 million annual visitors)
» 1,500 single family homes zoned for development in the immediate area

Property Description

SOLD

» This AutoZone features a prominent location along U.S. Route 98/Navarre Parkway (46,000 AADT), a major Florida thoroughfare
» The site is a trophy property on the Gulf Coast/Emerald Coast (4.5 million annual visitors) less than one mile from pristine white sand beaches, shopping, and restaurants
» The location is neighbored by the first ALDI in northwest Florida and immediately surrounded by a strong mix of national tenants such as Walmart Supercenter, Publix Supermarkets, Winn-Dixie, CVS Pharmacy, Walgreens, Pizza Hut, Culver’s, McDonald’s, and many more
» Average annual household income of $138,426 within a one-mile radius and projected to increase 12% by 2028
» The average household income expected to grow by more than 18% within a 1-, 3-, and 5-mile radii over the next five years, supporting AutoZone and Navarre’s steady and concurrent growth
» The property is walking distance to Baptist Hospital-Baptist Medical Park (326 beds, 6,500 employees)

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